What about Zimbabwe and Venezuela? Didn't they print money and cause hyperinflation?

Zimbabwe and Venezuela are frequently cited as examples of what happens when governments 'print money,' but they actually illustrate MMT's points about real constraints rather than refuting them.

Zimbabwe's hyperinflation in the 2000s followed the destruction of its agricultural productive capacity through chaotic land reform. Food production collapsed, requiring massive imports. At the same time, international sanctions limited access to foreign currency. The government printed money to try to paper over a real resource crisis - not enough goods to buy - which drove prices through the roof. The money printing was a symptom of the crisis, not its cause.

Venezuela's inflation stemmed from over-reliance on oil exports. When oil prices collapsed, the country couldn't afford imports it had become dependent on. Price controls created shortages. Corruption and mismanagement compounded the problems. Again, the money printing came after productive capacity had been compromised.

These cases show that MMT's warnings about real resource constraints are correct. You cannot print your way out of a supply crisis. If there aren't enough goods to buy, more money just means higher prices.

The US is in a completely different situation: it has massive productive capacity, a diversified economy, the world's reserve currency, and the ability to produce most of what it needs domestically. The real constraints that devastated Zimbabwe and Venezuela don't apply in the same way.